Bank of America announced in July 2017 it would move its European operations out of London to Dublin.

The Irish capital is emerging as a top destination for businesses seeking post-Brexit relocation alongside the German business hub of Frankfurt.

Felix Hufeld, the president of Germany’s top financial regulator BaFin, said the watchdog will deal with requests to establish hubs on a "first come, first served" basis, hinting banks hoping to relocate need to do so before the Brexit deadline.

Mr Hufeld believes the European Union should prepare for a hard Brexit because "negotiators have not made sufficient progress on the designated key separation issues".

He said: "One thing that we will not accept under any circumstances is empty shells or what we call letterbox models.

"Banks that are planning a comprehensive division of work between offices in London and the EU need to transplant and split up their entire ecosystem established over the years – that means IT infrastructures, knowledge, processes and people."

Lobby group Frankfurt Main Finance forecasted earlier this year that around 10,000 bankers will migrate out of London to Germany because of Brexit.

Goldman Sachs chairman Llyod Blankfein strengthened the group's prediction, writing on Twitter: "Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."

"The company is not planning to move operations out of the UK, but if no deal is reached, it will duplicate certain facilities in Europe, allowing it to retest drugs manufactured in Britain and shipped to the continent".

Walmsley said: “We are not thinking of any relocation out of the UK, but … we are looking at contingency planning in terms of testing facilities, to allow us to have as seamless a transition as possible, and make sure we are providing secure supply to the patients that need our drugs and medicines.”

It's inefficient to duplicate test facilities and retest drugs in the long run - and in that case doing the testing in your largest market is a no-brainer.
So eventaully this will lead to loss of jobs in the UK.

northernladyuk

27th October 2017, 11:18

It's not just banking, whole swathes of the pharma industry are setting up in Europe too:

There can be no doubt this will hollow out the number of jobs in the UK, bit by bit.

And all these well paid workers support the service industry jobs that the Brexiteers hope to fill as the bright young East Europeans are intimidated out.

BrilloPad

27th October 2017, 11:20

Credit Suisse was setting up a trading floor in Dublin prior to Brexit. Lots of back office operations were already in lower cost places : Glasgow, Birmingham, Dublin and many more.

Some will always be in London. When I worked at a hedge fund it relocated to Geneva. About 200 of the staff moved their. The other 100 staff stayed in London. They would not leave.

Including one trader who regularly achieves a Sharpe Ratio of 4! Yes four......

BrilloPad

27th October 2017, 11:21

And all these well paid workers support the service industry jobs that the Brexiteers hope to fill as the bright young East Europeans are intimidated out.

Do you mind! There are fruit pickers too.....

:rolleyes:

BlasterBates

27th October 2017, 11:21

Seriously this guy needs to be "educated", there are way too many "Remoaners" undermining the "project".

jamesbrown

27th October 2017, 11:33

Seriously this guy needs to be "educated", there are way too many "Remoaners" undermining the "project".

I disagree. If we dismiss their "cries for help", they are quite likely to internalize that "bitterness" and suffer a terrible "head explosion". It's imperative that we facilitate their "whining" and assist them with their "healing process". If they turn into "embittered snowflakes", we all suffer. Let's suffer together and return General back to the centrepeice of whingedom that we all know and love.

:D

northernladyuk

27th October 2017, 11:36

I disagree. If we dismiss their "cries for help", they are quite likely to internalize that "bitterness" and suffer a terrible "head explosion". It's imperative that we facilitate their "whining" and assist them with their "healing process". If they turn into "embittered snowflakes", we all suffer. Let's suffer together and return General back to the centrepeice of whingedom that we all know and love.

:D

You should worry more about the umemployed Brexiteers turning to fascism.

Eirikur

27th October 2017, 11:40

Only two days after the brexit vote my client co (major telco) decided to build new datacenter near Frankfurt in stead of UK where it was originally planned. Sole reason given was Brexit. Investment £50M + Since then many decisions have gone towards investing in the EU and not only at my clientco

jamesbrown

27th October 2017, 11:47

You should worry more about the umemployed Brexiteers turning to fascism.

I worry equally about the unemployed "remoaners" turning to fascism.

Imagine all the productive things that could be achieved with those calories otherwise expended on whining.

Whining isn't low calorie.

Eirikur

27th October 2017, 11:57

I worry equally about the unemployed "remoaners" turning to fascism.

Imagine all the productive things that could be achieved with those calories otherwise expended on whining.

Whining isn't low calorie.

It's actually the low educated leavers that will most likely suffer from the economic downturn as they will lose their jobs first. Of course many of them haven't got on in the first place and are on benefits their entire lives, well their benefits will go down as well as a result of brexit. But they are all happy to be 10 years extra unemployed, because they have control over their border and power in Westminster.

original PM

27th October 2017, 11:59

It's actually the low educated leavers that will most likely suffer from the economic downturn as they will lose their jobs first. Of course many of them haven't got on in the first place and are on benefits their entire lives, well their benefits will go down as well as a result of brexit. But they are all happy to be 10 years extra unemployed, because they have control over their border and power in Westminster.

Oi ******

fook off.

northernladyuk

27th October 2017, 12:01

Oi ******

fook off.

You'd be stereotypical brownshirt fodder if your mum let you play outdoors.

Eirikur

27th October 2017, 12:04

Oi ******

fook off.

You will need us EU-ers else your NHS and Latte outlets in London will collapse

original PM

27th October 2017, 12:07

You will need us EU-ers else your NHS and Latte outlets in London will collapse

Like I give a fook about that?

Eirikur

27th October 2017, 12:09

Like I give a fook about that?

Let me guess you have a St Georges flag on your license plate but drive a German car?

jamesbrown

27th October 2017, 12:13

Only two days after the brexit vote my client co (major telco) decided to build new datacenter near Frankfurt in stead of UK where it was originally planned. Sole reason given was Brexit. Investment £50M + Since then many decisions have gone towards investing in the EU and not only at my clientco

Aren't you that cretinous racist?

Why, yes, yes you are (http://forums.contractoruk.com/general/84425-whos-been-banned-why-31.html#post2459497).

darmstadt

27th October 2017, 12:13

:confused:

You saw Brexit in the title. You don't have to read it or comment.

Some people do want to discuss it - leave them to it.

So obviously not the UK government then...:igmc:

northernladyuk

27th October 2017, 12:14

Aren't you that cretinous racist?

Why, yes, yes you are (http://forums.contractoruk.com/general/84425-whos-been-banned-why-31.html#post2459497).

Yes he is.

jamesbrown

27th October 2017, 12:14

Yes he is.

He's a racist cretin.

northernladyuk

27th October 2017, 12:19

He's a racist cretin.

That's right.

Eirikur

27th October 2017, 12:37

Aren't you that cretinous racist?

Why, yes, yes you are (http://forums.contractoruk.com/general/84425-whos-been-banned-why-31.html#post2459497).

The post which that referred to wasn't racist, but anyway even if I were how does that relate to my reply?

jamesbrown

27th October 2017, 12:42

The post which that referred to wasn't racist, but anyway even if I were how does that relate to my reply?

Call me old fashioned, but I like to know when I'm talking to a racist.

original PM

27th October 2017, 12:43

Call me old fashioned, but I like to know when I'm talking to a racist.

Well i could but I could call you james brown as that seems to be your name....

Eirikur

27th October 2017, 12:44

Call me old fashioned, but I like to know when I'm talking to a racist.